• Is the association’s insurance up to date?
• Is the association in good standing with the Secretary of State, and does the Secretary of State have the correct contact information for the association’s registered agent?
• Are the signature cards for all association bank accounts current?
• Does your association file state and federal tax returns each year?
• If your association uses “security keys,” are the right people authorized to make duplicates? If your association uses electronic keycards, is the list of outstanding cards kept up to date?
• Is your association (or a lawyer working on behalf of your association) filing property tax appeals as needed?
These are just a few examples of administrative tasks that associations need to perform on a routine basis. If you have professional management, your community manager should be doing all of these things on behalf of the association but board members should be aware of key dates and double-check to make sure they are met.
7. Build a comprehensive task list or calendar for the Association. To stay on top of those administrative tasks, and to make sure that the building equipment is regularly serviced, it’s a good idea to have a comprehensive task list or calendar that shows everything that the building should be doing on a recurring basis. There are plenty of tools out there that facilitate building and maintaining such a task list: Google Calendars, and
www.rememberthemilk.com are two. These can be shared with other board members, or even the whole association.
Sprinting
8. Perform long-term capital planning. Depending on the size and needs of your association, this may be accomplished with a formal Reserve Study, or may instead be an informal process of assessing the expected life span and approximate replacement cost for all association equipment and assets. This information should feed the budgeting process and help the association build the reserves it needs.
9. Identify amenities that will increase the value of the building. Is there an unused space to develop a bike room or hang bike racks? A common area on the roof that would benefit from a rooftop deck? Would adding or updating a security camera system or keycard access system make your association safer, or make living in the building more convenient? An association that is on top of its game in other ways can consider these options.
Take some inspiration from Olympic athletes this summer and push your community association to get into shape. It’s not easy and it takes time, but the reward is substantial. If you want to medal at your association, the time to start training is now.
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